Of course, the challenge with this approach is to not die with less than zero, leaving debt behind for someone else. The philosophy doesn't give my husband and me permission to overspend. Instead, it forces us to practise restraint and deliberation as we choose how to allocate our money while we're alive.Nail down"enough". Yes, we still need to save for retirement, but primarily with only our personal needs in mind.
For example, we just bought our home in New Jersey and plan to stay here for the next 15 years or so until the kids are finished with high school. After that, it wouldn't really make financial sense to keep our residence, given the enormous town taxes, which mainly serve the public schools.After determining what's"enough", Perkins advises mapping out the expenses and experiences that are critical to your fulfillment and the impact you want to have on the world.
This is an important consideration for those who want to die without any debt and spend their later years living on"just enough". I'm already thinking about getting my real estate licence in my 50s to generate some additional income and supplement our needs in retirement. The best part is you can bear witness to it all."If we're trying to have the maximum impact on our kids' lives, we want to basically deliberately choose to give them money in a certain time frame," Perkins says,"not when they're in their 60s and their health is declining."
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